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Technology company delivering 'mobile solutions' to business lists on ASX
2 August 2007 - Focus on expansion of the Company's two core business technology products - the Mint Portable Payment System and Tomato Flash Memory products Sydney-based business technology provider, Mint Wireless Ltd, is set to make its debut on the Australian Stock Exchange today (Thursday, ASX Code: MNW) bringing to the market a unique technology offering the leading-edge Mint Portable Payment System and exclusive distribution rights in Australia and New Zealand for the Tomato Flash brand of flash memory products.
Mint Wireless, which recently completed a successful A$8.7 million Initial Public Offering comprising 40 million shares at 20 cents each plus oversubscriptions of 3.5 million shares, is scheduled to list on the ASX at 11am (EST). Investment bank Capital Investment Partners was Lead Manager to the IPO.
The funds raised will be used to accelerate the growth of the Company's two core business areas, enabling it to grow substantially within both the mobile payment systems market and the flash memory market in Australia and New Zealand the latter currently estimated to be worth more than A$250 million in sales annually.
Mint owns the IP to the Mint Portable Payment System (MPPS), a software-based application which allows mobile businesses to easily, securely and instantaneously process Credit Card payments from customers using either a Microsoft Windows based or Blackberry PDA.
The MPPS system offers significant advantages over traditional mobile payment procedures, which simply store data until a fixed location is reached and the data can be processed and approved increasing the risk of payment problems and fraud. The MPPS can process payments through more than 140 different PDA devices, giving customers the ability to choose which PDA to use.
Since its launch in 2006, the MPPS has attracted significant interest from mobile sales and services businesses, events retailers, domestic repairs and delivery businesses. Mint earns revenue from the MPPS through monthly subscription and transaction fees.
In addition, Mint also holds exclusive distribution rights for the 'Tomato Flash' brand of flash memory digital media storage products in Australia and New Zealand.
Through Tomato Flash, Mint is seeking to attract a significant share of the Australian and New Zealand flash memory market. The Company also has the exclusive right to market any new Flash Memory products developed by the Lite-On IT Corporation, the manufacturer of Tomato Flash products.
Mint Wireless' Chief Executive Officer, Mr Alex Teoh, said he was very pleased by the strong investor response to the IPO. "We were delighted by the positive response we received from both Australian and international investors, which is testament to the quality of the Company's product offering. Mint is building an energetic team to undertake the implementation of the two business streams, and we look forward to working hard to grow our shareholders' wealth."
He said the Company would use the funds raised through its IPO to substantially grow both the MPPS and Tomato Flash products within the Australian marketplace, and also pursue opportunities for both products offshore. "Our key focus will be on significantly expanding our marketing efforts for both products which have generated encouraging initial sales in a relatively short period of time," he said.
"In particular, we believe there are significant opportunities both in Australia and internationally for the Mint Portable Payment System, and we expect demand for the MPPS to increase as mobile businesses aim to increase their payment alternatives for customers and reduce the costs associated with card fraud, handling cash and debtor collection."
"Mint will also seek to leverage our competitive advantages in the flash memory device market, accessing highly competitive pricing, preferred supply arrangements and innovative product offering through our relationship with Tomato manufacturer, Lite-On," he continued.
The Board of Mint Wireless Ltd, which was established in 2006, is headed by Non-Executive Chairman, Mr Graham Dowland, who holds a number of directorships with ASX listed companies, which include his position as Chairman of Imugene Limited, Chairman of Eureka Energy Limited and Non-Executive Director of Aurora Oil & Gas Limited. Mr Dowland has considerable corporate finance experience in a variety of sectors, both in Australia and internationally.
Mr Alex Teoh, Chief Executive Officer, is a founding member of Mint Wireless Ltd and has been involved in creating many businesses throughout his career. He was CEO of a local and international supply chain and logistics business, Zoo Logistics Pty Ltd, and was previously a member of Pricewaterhouse Coopers' senior management team in Hong Kong.
Mr Andrew Teoh, Executive Director, has extensive experience in business operation, sales and marketing, particularly in the field of emerging technologies. He is also a founding member of Mint Wireless Ltd.
Non-executive director, Mr David Ledger, completes the Mint Board, adding significant investment and finance expertise.
About Mint Wireless Limited (ASX code: MNW)
Mint Wireless Limited focuses on the provision of mobile payment solutions and portable data storage devices.
The Mint portable payment and invoicing system is a software application for Microsoft Windows or BlackBerry smartphones and includes a pocket-sized printer and card reader. Anyone who needs to receive payment out of the office can accept credit cards (and other payment types), process credit card transactions, print an invoice on the spot and download (from their mint online administration tool) all transactions into their accounting software (i.e. MYOB or QuickBooks).
Mint Wireless Limited also owns the Australian and New Zealand exclusive distribution rights to an innovative range of flash memory products sold under the Tomato Flash brand name. |
